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8th June 2016

EW announces rescission of award for 449.64 acres of land in Bandar Cassia, Batu Kawan

KUALA LUMPUR: Eco World Development Group Berhad (EW Berhad) announced that it had agreed with the Penang Development Corporation (PDC) to rescind the Letter of Award dated 26 March 2015 in relation to the Proposal for Purchase and Development of 449.64 acres of land in Bandar Cassia, Batu Kawan.

The original Request for Proposal (RFP) based on which the Letter of Award was issued contemplated the development of an 18-hole international golf course on 150 acres of land, leaving the remaining lands available for mixed development referred to as Eco Marina.

However, extensive studies undertaken as part of the detailed planning process have revealed that the acreage required for the golf course development will be significantly higher than originally contemplated which adversely impacts the viability of the project.

Whilst we accept the unavoidable circumstances which have necessitated the rescission of the Letter of Award, we remain interested in Penang as a valued market for EcoWorld. We are confident that Batu Kawan holds much promise as Penang’s future engine of growth and are keen to play a role in making it a key development hotspot for the nation. Accordingly, we will continue to look for other opportunities to acquire good landbank here to develop more townships. This will enable us to replicate and build on the success we have enjoyed with our Eco Meadows project on the mainland, said Dato’ Chang Khim Wah, President and CEO of EW Berhad.

EW Berhad and PDC will shortly be executing a Deed of Rescission to give effect to the above. An announcement will be made in due course upon execution of the Deed of Rescission.